Cases / Investigations

Volta Inc.


Wolf Popper LLP Announces Investigation on Behalf of Investors in Volta Inc.

NEW YORK, March 29, 2022:  Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Volta Inc. common stock (NYSE: VLTA).

In February 2021, Tortoise Acquisition Corp. II  (NYSE: SNPR), a special purpose acquisition company, announced it would combine with Volta Industries, Inc. in a $2 billion deal.

The merger was approved by a majority vote of the holders of Tortoise common shares.  The merger closed on August 26, 2021 and Tortoise changed its name to Volta Inc. and its stock symbol to “VLTA”.

On February 28, 2022, Volta announced it would need to restate its September 30, 2021 10-Q because it underestimated stock-based compensation by $26.7 million. Then on March 21, 2022, Volta disclosed it was rescheduling its fourth quarter and year end 2021 earnings announcement. On this news, the price of Volta common stock fell $0.38 per share to $4.12 per share, or down 8.4%.  Finally, on March 28, 2022, Volta announced its two co-founders were resigning from their respective roles and from the Volta board. On this news, the price of Volta common stock fell $0.76 per share to $3.37, or a drop of 18.4% on very heavy volume.

Investors who have lost over $50,000 trading in Volta’s common stock and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or jruthizer@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors.  Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation.  For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.

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Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: jruthizer@wolfpopper.com


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